Which statement is FALSE?
A)International Financial Reporting Standards are used by many countries in the world.
B)U.S.Generally Accepted Accounting Principles are used by many countries in the world.
C)The Financial Accounting Standards Board is working with the International Accounting Standards Board to develop similar accounting standards.
D)For many years,U.S.Generally Accepted Accounting Principles were considered to be the superior set of accounting standards in the world.

Question

Quizplus · Accepted Answer

U.S. Generally Accepted Accounting Principles (GAAP) are primarily used in the United States, not by many countries worldwide. Most other countries use International Financial Reporting Standards (IFRS).

Which Statement Is FALSE